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AUD/CAD chart on Trading View used for analysis
- AUD/CAD has failed to break above 200-W SMA which offers stiff resistance at 0.9766.
- The pair trades with strong bullish momentum and breakout at 200-W SMA could propel the pair higher.
- RSI strong on weekly charts, holds above 50 mark and bias higher. MACD is showing a bullish crossover on signal line and bias bullish.
- Breakout at 200W SMA eyes next major resistance at 61.8% Fib at 0.9808 ahead of weekly cloud top at 0.9898.
- On the flipside, rejection at 200-W SMA with break below 200-DMA could see weakness till 0.9523 (Nov 18 low)
Recommendation: Watch out for decisive break above 200W SMA to go long.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
